Japanese App LINE Introduces Trial Run For Their Native Token
To give context, LINE is the most popular social media app in Japan as well as in other countries like Taiwan and Thailand. It has been used by the Japanese daily ever since its inception in June 2011.
Japan’s Messaging App, LINE Introduces Trial Run For Their Native Token
LINE Pay just announced that they are considering using other forms of cryptocurrency payments to their platform. This includes popular cryptocurrencies like Ether, Bitcoin, as well as the platform’s native token. Line stated that they will be offering a trial run for their token in the upcoming month of March.
Users of LINE will be able to use this native token for a limited time during this trial run. They’ll be able to pay for services from online merchants starting on March 16. LINE users will have the option of using the LN token (LINK) which is the native token of LINE. Take note that it’s LN, not LINK which is the chainlink (LINK) cryptocurrency.
This trial period will run for a significant amount of time since it will end by the end of the year on December 26. The reason for the long testing phase is because it will incorporate real-life cases and uses for the token which will hopefully bring more convenience for its users.
Additionally, Line Pay stated that aside from their native token they might add other cryptocurrencies as options as well. This will include ETH (Ether) and BTC (Bitcoin) and possibly other stablecoins which will strengthen the platform’s relationships with blockchain businesses.
Data taken from Statista indicates that there will be approximately 86 million active users of LINE in 2020 which makes up more than 68% of the country’s total population of 126 million at that time.
The LN token isn’t a new creation as it was launched back in August 2018. As of right now, the token currently has a trading value of $142.78 which dramatically rose by the last 7 days. The token can be traded on the crypto exchange platform Bitmax which follows an agreement in August 2020. At the end of 2021, more than 30 crypto exchange businesses that were operating in Japan were approved by their Financial Services Agency.
Different financial institutions and corporations in Japan have announced that they are planning on using a trial run of a yen-based digital currency this year. Meanwhile, Japan’s Central Bank is currently developing the digital yen as we know it. The estimated time of its first trial run should come this March.
A big company like LINE supporting cryptocurrency as well as promoting its cryptocurrency is good news for the crypto community. Other big companies might follow in their footsteps bringing convenience to their user base.
* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.